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>I also don't see any facts on which you can base your corruption claim. "Some of his most successful deals involved buying stakes in midsize financial institu
by nyolfen 10y ago
>I also don't see any facts on which you can base your corruption claim.
"Some of his most successful deals involved buying stakes in midsize financial institutions in smaller Chinese cities, often through a complex web of shell or dummy corporations. When Citigroup and other investors agreed to buy a big stake in the Guangdong Development Bank, for instance, one of Mr. Xiao’s investment vehicles — Puhua Investment — took an 8 percent interest, and then just weeks later transferred it to another state financial institution. Few analysts or journalists knew he was involved.
While shell companies are widely used in China as investment vehicles, securities experts say they can also be employed to hide the ownership stakes of public officials, providing cover for favors distributed by businessmen. Their frequent use by Mr. Xiao has fanned speculation that he gets privileged access to deals involving state assets and that he shares the benefits with the families of the ruling elite."
[...]
"But a review of corporate registration records has found that on at least three occasions during the last five years, companies affiliated with Mr. Xiao have struck deals that appear to have benefited the relatives of China’s highest-ranking leaders."
from: https://www.nytimes.com/2014/06/04/world/asia/tiananmen-era-students-different-path-to-power-in-china.html https://www.nytimes.com/2014/06/04/world/asia/tiananmen-era-...
not conclusive, but he certainly walks like a duck
- xiaoma 10y agoThat kind of thing is pretty unremarkable behavior for the wealthy in China.
- deleted 10y ago[deleted]